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261a-16
261A.16 FUNDS FOR SALES OF OBLIGATIONS AS TRUST FUNDS
-- APPLICATION OF FUNDS.
Moneys received by or on behalf of the authority under this
chapter, whether as proceeds from the sale of obligations or as
revenues, are trust funds to be held and applied as provided in this
chapter. An officer with whom, or a bank or trust company with which
the moneys are deposited shall act as trustee of the moneys and shall
hold and apply the moneys for the purposes of this chapter, subject
to rules that this chapter and the bond resolution authorizing the
obligations of an issue may provide. Section History: Early Form
[82 Acts, ch 1031, § 16]
Referred to in § 261A.24
